Update (Sept 29th, 7:00 PM ET)Globally, the rebranding from Facebook Pay to Meta Pay has begun.
What you need to know
- Meta announced that Facebook Pay will be rebranded as Meta Pay.
- The new digital payments solution does not make any significant changes to its functionality.
- The United States will launch the rebranding first, and then it will be launched globally.
Meta has renamed Facebook Pay to Meta Pay, which is not surprising. Although the move is part of an attempt to bring the company’s payment solution closer towards its rebranding efforts, it’s clearly a baby step towards creating a metaverse digital wallet.
In a Facebook post(opens new tab)Mark Zuckerberg outlined Meta’s plan for creating a digital wallet that would allow users to manage digital items and their identities.
Zuckerberg stated that “in the future there will all kinds of digital items you may want to buy or create — digital clothing, videos, music and experiences, among others,” It will be necessary to prove ownership, especially if you plan on taking some of these items with your other services.
Zuckerberg admitted that his vision to create a metaverse wallet will take a while, but MetaPay will be a key part of that journey. The social media giant wants Meta Pay to become the de facto digital wallet for all digital goods you buy in the metaverse over the long-term.
He said, “Ideally you should be able sign into any metaverse experiences and everything that you’ve purchased should be there.” Zuckerberg believes that this interoperability will provide better experiences for users and greater opportunities for creators.
This has led to speculation about Meta introducing non-fungible coins (NFTs). Although Zuckerberg didn’t mention crypto wallet in his post however, the company had been doing some experiments with it. Creators have access to NFTs, digital collectibles, and other tools.
Android Central reached out and clarified this speculation with Meta. We will update this article once we get back.
The current rebranded payment option is the same one that you can use on Facebook Messenger and Instagram to send money and request it. Meta(opens new tab). It will only get a Meta redesign, which will be launched in the United States but spread over time to other countries.
Meta is gradually changing the name of its services to better match the new branding. New brandingThat was last October. Oculus QuestThis was renamed Meta QuestIn April, Facebook PortalThis was renamed Meta Portal.
Latest
Meta continues its branding shift, as it moves its payment system away from the Facebook Pay brand. In June, the company rebranded the product as “Meta Pay” in America. AnnouncementThe new name will be available in almost 200 countries this week.
The company claims that the change is merely a name change and users should expect the same features that they have come to expect.
